Added: 1 July 2016
Ipswich Building Society boosts savings range
New products aimed at younger people and adults at varying life stages
Ipswich Building Society has introduced a number of new products designed to suit the needs of savers at various phases in their lives. The revamped range is available with immediate effect to existing members and residents in postcode areas IP, NR, CO, CM, CB and PE.
The Society has introduced a range of children’s accounts designed to help teach key financial education skills by introducing and enhancing young savers' knowledge around money, savings and interest. These include the Stepping Stone ISA for those aged 16 – 21 which has been awarded an Excellent rating by Moneyfacts, My Money Saver for children up to 10 years old and My Money Saver+, an account for those aged 11 – 18. The latter is directly operated by the child but with the reassurance that for children aged 11 – 15 all withdrawals over £100 must be countersigned by a parent/guardian.
Products also help parents manage the costs of bringing up a family and plan for future expenses or make it easy and convenient for extended family to make cash gifts or bequests. This includes the Junior ISA, a tax-free savings account that matures at age 18, and the Family Tree (Trust), a savings account operated as a bare trust without the knowledge of the child.
Paul Winter, CEO of Ipswich Building Society, commented, “We have refreshed our savings portfolio with a focus on supporting those preparing for various stages in their lives as well as general savers who want to spread the cost of expensive purchases such as a holiday or those who’d prefer the option of having instant access to funds at short notice. Focus has been given to younger savers as we believe that alongside financial education, giving children gradual autonomy over their savings will better equip them with the skills needed to manage their finances later in life.”
Ipswich Building Society’s new Regular ISA is designed to suit savers who prefer to save little and often. Savers can invest between £10 and £1,270 per month up to the total annual limit of £15,240 based on 2016/2017 tax year allowance, by standing order, cash or cheque. You can pay in multiple times too provided you don’t exceed the monthly limit and maximize your ISA allowance limit between 1 March – 5 April. One withdrawal is permitted for the tax year with additional withdrawals can be done by providing 90 days’ notice. If you miss a monthly payment or fail to pay in the £10 minimum your account will be transferred to our Everyday ISA. The Regular ISA Issue 1 is fixed Tax Free until 5 April 2018 at 2.00% Gross/AER.
Ipswich Building Society’s new Suffolk Savvy Saver account is an ongoing account, with no end date, which allows for additional investments and one withdrawal per year. However, should you need additional access to your fund this can be done by providing 90 days’ notice or receiving an interest penalty. Tiered interest rates mean the more you save, the more interest you earn and if your balance is £20,000 or over you can choose to have your interest paid monthly. This account is particularly suited for savers who do not need instant access to their funds but would like the peace of mind that it is possible to do so if needed.
For those interested in giving back to the local community, the Society’s new Mutual Advantage account allows savers to continue to earn interest on funds while supporting a local charity. Each of the Society's branches has its own individual local charity which will receive an annual bonus of 1% of the average account balances. On the 1 July each year, the Society will refresh the chosen charities in order to spread its support to the range of different organisations carrying out vital work across the local area. The charities supported this year include; Fresh Start New Beginnings, Ipswich Housing Action Group, Just 42, Porch Project, REACH, Suffolk Art Link, Wardens Charitable Trust, Upbeat Heart and Supported Activities for Everyone (SAFE).